From Briefing.com: 9:39AM Cirrus Logic reiterates SeptQ guidance (CRUS) 4.87 +0.25: Co expects to post a loss of $0.06-$0.10 (Multex consensus -$0.07) and sees revs at approx. $76 mln (consensus $76 mln). CRUS also reiterated that recent reports of a softening in consumer confidence indicate that a conservative outlook for the U.S. economy in the upcoming Christmas season remains appropriate.
9:27AM TriQuint Semi reducing workforce by 7% (TQNT) 5.80: Notes that its SAW filter business in Florida and Costa Rica continues at record production and no reductions in force are planned for these locations.
9:08AM Novellus expected to cut Sept outlook to down 30% - Piper Jaffray (NVLS) 25.14: USB Piper Jaffray expects NVLS during their Aug 29 mid-qtr update to revise its order guidance outlook downward for the Sept qtr from -10% sequentially to down as much as 30%; in addition, firm also believes that the front-end semi equipment co's as a group will experience sequential order declines of 25%-30% in Q3 vs previous est of -20%; KLAC should fare better than the group avg, or possibly down 10%-15% sequentially, while LRCX and NVLS will likely perform at the low end of the range, or -30%. Believes that Q4 orders could be down sequentially from Sept and that the next uptick in orders could occur during 1H03.
8:55AM Hewlett-Packard estimates cut at Bear Stearns (HPQ) 14.21: Bear Stearns lowers ests for HPQ, saying they are taking a more conservative view given the lack of clear progress on the integration of the acquired operations as well as the challenges in turning around the enterprise and PC businesses; cuts FY03 est to $1.20 from $1.30 and FY04 to $1.40 from $1.60, maintains Neutral rating, and says stock is fairly valued at $14-$16.
8:37AM Sanmina-SCI and Siemens terminate EMS acquisition (SANM) 3.78: Co and Siemens (SI) announce will not proceed with their previously announced pact regarding Sanmina's acquisition of Siemens final system assembly and test operations in Florida as well as two European-based operations. The transaction was terminated due to general market conditions and under mutual agreement.
8:35AM Nokia price target raised at BofA (NOK) 13.97: Banc of America raises price target to $18 from $15; firm expects a fairly significant ramp of new products over the next several quarters and has seen increased order activity for NOK's new CDMA 1x product line.
8:31AM Semtech downgraded at BofA (SMTC) 18.91: -- Update -- Banc of America downgrades to MKT PERFORM from Buy based on the co's reduced guidance last night; cuts FY03 est to $0.53 from $0.57 and FY04 to $0.65 from $0.80; believes stock is fairly valued at $16-17.
8:17AM Oracle estimates raised by Wells Fargo (ORCL) 10.15: Wells Fargo raises ests for ORCL due to anticipated reductions in total costs and expenses; firm says they could still be a few percentage points low on margins even at these levels, and would not be surprised to see the co beat their EPS est on even slightly lower-than-forecast rev; raises Q1 by a penny and raises FY03 to $0.42 from $0.41 (in line with consensus).
7:59AM Sun Microsystems unlikely to meet estimates - Goldman Sachs (SUNW) 4.24: Goldman Sachs believes that given the current weakness in IT spending and the probability that SUNW is entering its 3rd month of the Sept qtr at the lower end of its target range, co is unlikely to meet ests and revs will probably be closer to the lower end of its targeted 10-15% range; this would suggest that SUNW's loss could be $0.01 greater than firm's and the consensus est and that out-qtr revs are likely to be adjusted downward.
7:40AM Xilinx sees Virtex-II revenues above $150 mln for the quarter (XLNX) 19.48:
7:39AM Intersil: cautious comments from UBS (ISIL) 18.76: UBS Warburg says they are incrementally more cautious on ISIL following rival SMTC's cautious comments on power mgmt trends last night, and as competitive pressures in wireless LAN mount for the co; reiterates Buy rating and cuts price target to $23 from $33.
7:32AM Jabil Circuit enters manufacturing agreement with Philips (JBL) 18.70: Announces an agreement for the majority of Philips Contract Manufacturing Services division to be sold and business transferred to Jabil. The acquisition includes nine manufacturing plants and a minimum EUR 4 billion, 4-yr product supply agreement
finance.yahoo.com^SOXX+ALTR+AMAT+AMD+BRCM+CRUS+HPQ+INTC+ISIL+JBL+KLAC+LLTC+LSCC+LSI+MOT+MU+MXIM+NOK+NSM+NVLS+ORCL+SANM+SMTC+SUNW+TER+TQNT+TXN+XLNX+^VIX+^IXIC&d=t
We have quite an impressive move higher on the VIX today. So while the jury may still be out on the application of the 10% off the ten day moving average indicator requiring a bounce back in line until I see this in action a few more times I personally think that there is reason to see this indicator of an indicator as having some actual value.
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